Iraq’s Southern Oil Exports Hit Record Before OPEC Cuts
- Gulf exports averaged 3.51 million barrels a day in December
- Iraq pledged to cut production from January under OPEC deal
Crude Oil Retreats for First Time in Four Sessions
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Iraq’s oil exports from its southern ports in the Gulf reached a record high in December, just before the country was due to join other major producers in cutting output to help curb a global oversupply.
Shipments from southern ports in Basra Province averaged 3.51 million barrels a day in December, Oil Minister Jabbar Al-Luaibi said in an e-mailed statement, up from 3.407 million in November. He didn’t disclose figures for exports through Iraq’s northern pipeline network, which typically average about 600,000 barrels a day.